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Best Practices for Repaying your Loan

1. Make a budget – To ensure the money is always there, it’s best to make a budget—or adjust your budget if you already have one.  By keeping track of where your money is coming from and going to, and how much you’ll need for each month, you’ll be able to make sure you always have enough money to pay for everything necessary, business loans included.

2. Know your Lender’s Late Payment Policy – Due to unforeseen circumstances, you may not be able to make your payments. Lenders understand that, from time to time, problems may arise; many have a late payment policy for that reason.

3. Communicate With Your Lender – Lenders don’t like to be left in the dark; if your payments become irregular or stop, and they don’t hear from you, they’ll eventually assume that you’ve defaulted.  If you’re having problems making payments, call up your lender and let them know what’s going on ASAP. Often, lenders are willing to work out an alternative payments schedule, assuming you communicate quickly enough and don’t make a habit of irregular payments.

Work Cited

Crouse, Bianca. “Small Business Loans 101: Repaying Your Loan (Part 3).” Merchant Maverick, 20 Feb. 2017, www.merchantmaverick.com/small-business-loans-101-repaying-loan-part-3/.

Best Practices for Repaying your Loan

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